Hornbach Holding to take Hornbach Baumarkt private

The German Hornbach Holding is delisting its DIY subsidiary Hornbach Baumarkt from the stock market. Hornbach Holding AG & Co. KGaA announces its intention to launch a public delisting tender offer to all shareholders of Hornbach Baumarkt AG, for the acquisition of all outstanding shares not already held by Hornbach Holding AG & Co. KGaA, following a delisting agreement both companies have signed. This is with the aim of simplifying the corporate group's presence on the capital market and promoting long-term growth for the overall group.
Hornbach Holding AG & Co. KGaA is the parent company of the Hornbach Group. Hornbach Baumarkt is the largest operating subgroup (DIY retail) of Hornbach Group, which operates a total of 167 outlets and online shops in nine European countries as of November 30, 2021.
Albrecht Hornbach, CEO of Hornbach Holding, says: "The delisting of Hornbach Baumarkt AG is a logical step in our company's journey. Going forward it enables us to improve Hornbach's capital markets visibility by terminating one of two listings, removing inefficiencies of the legacy structure and communicating one clear equity story as one listed entity."
Hornbach Baumarkt was listed separately from Hornbach Holding after its IPO in 1993 to help facilitate the international development of the group. There have been two separately listed shares since this time. According to the company, from a management perspective the operations of the business have in the meantime outgrown the current capital structure and the separate listing of Hornbach Baumarkt AG no longer serves a purpose for the group as a whole.